CHIP'd, Inc. discovered that managing equity doesn't have to be as challenging as perfecting embedded sports technology. When LTSE sunsetted their cap table management software, founder Josh Marris was forced to migrate to partner platform Astrella—a move that left them unable to convert matured convertible notes and frustrated with the user experience.
Mid-way through an active fundraising round, Josh made the bold decision to switch platforms, finding their answer in Cake Equity.
Our switch to Cake happened mid-raise, which speaks to how great Cake's UX is. Raising capital is hard but Cake certainly makes everything from then on so much faster and easier.
CHIP'd, Inc. is revolutionizing sports equipment with embedded technology for sport balls, starting with golf. Their breakthrough innovation embeds smart technology directly into golf balls, enabling real-time data capture and performance tracking that promises to transform how athletes train and play.
After successfully developing working prototypes that deliver on this ambitious vision, the company is set to launch their first commercial product in January. This fusion of traditional sports equipment with cutting-edge technology positions CHIP'd at the forefront of the sports tech revolution, where data-driven insights meet athletic performance.
Josh Marris brings a unique perspective to equity management. Having previously built successful products without receiving equity, he experienced firsthand the demotivation of having no stake in a company's success—an experience that now shapes CHIP'd's approach to team ownership.
CHIP'd's equity management journey began smoothly with LTSE, but complications arose when the platform sunsetted their cap table management software. The forced migration to partner platform Astrella turned into a logistical nightmare that threatened to derail the company's momentum.
"The migration took forever and in the end the software didn't do what the previous did. We had outstanding convertible notes that we couldn't convert once matured, and the user experience was lacking."
The inability to convert matured convertible notes created a critical bottleneck in CHIP'd's financial operations. For a startup preparing to launch its first product, having equity management tools that actually worked wasn't just convenient—it was essential for maintaining investor confidence and operational efficiency.
Josh took a refreshingly straightforward approach to finding a solution: he Googled alternatives and found Cake Equity. What happened next exceeded all expectations.
"I signed up and tested it out for myself. I was able to migrate everything over myself in two days without any help from Cake staff. Enough said, I was sold."
The contrast with their previous migration experience couldn't have been starker. While the Astrella migration had dragged on, Cake's intuitive platform enabled complete independence. Josh successfully migrated their entire cap table, resolved their convertible note issues, and regained full control of their cap table—all within 48 hours.
Cake's Raise feature particularly impressed Josh and his team, allowing them to create funding rounds and distribute documents for digital signing seamlessly. This functionality would soon prove instrumental in their fundraising success.
The true test of Cake's impact came as Josh closed a $100K investment. Having all the cap table information and documents in place, Chip'd's experience speaks volumes about Cake's ability to accelerate and professionalize the investment process.
This move to Cake set a new standard for platform transitions. Josh completed the entire migration within 48 hours without any support, immediately resolving convertible note conversion issues while maintaining business momentum during their critical pre-launch period.
One of the first investors to experience the new Cake-powered process demonstrated the platform's impact:
We've invited our investors and they love being able to see their holdings. I especially like the Raise feature where we create a round and send out our documents for digital signing.
This transformation eliminated the previous logistical nightmare:
"Previously we were sending email PDFs, printing, signing and scanning back, managing final signed versions in Google Drive...all of that equaling logistical nightmare."
The streamlined onboarding, SAFE distribution, and digital signing process through Cake has accelerated the entire fundraising workflow. As Josh notes:
"Raising capital is hard and that investor is somewhat an outlier, was already a warm intro, but Cake certainly made everything from then on so much faster and easier."
As CHIP'd continues their active raise, every investor who has come through the Cake system appreciates the professional experience. The platform's Raise feature has transformed what was once a document management nightmare into a smooth, transparent process, building confidence while reducing administrative burden for both CHIP'd and their investors.
The company also reports improved cap table efficiency and better employee understanding of their equity—transforming equity management from painful necessity into strategic advantage.
CHIP'd's approach to equity reflects Josh's personal journey and commitment to creating a different kind of company culture.
"Everyone on our team brings tremendous value, and I believe having equity in something you are building motivates everyone in different but positive ways. I've worked for a salary in a company where I had zero stake, and after building successful products and making the company a lot of money, I felt under appreciated for my work. I don't want to do the same thing they did."
This philosophy of shared ownership aligns perfectly with Cake's mission to make equity easier for startups. By ensuring every team member has a stake in CHIP'd's success, the company creates alignment between individual contributions and collective outcomes—essential for a startup pushing the boundaries of sports technology.
CHIP'd's experience demonstrates that the right equity management platform can transform from a back-office necessity into a strategic advantage. By choosing Cake Equity, CHIP'd eliminated the complexity that had plagued their previous platforms, accelerated their fundraising timeline dramatically, and created transparency that builds trust with both investors and team members.
For startups navigating the complexities of growth, CHIP'd's story offers a compelling lesson: when your equity management just works, you can focus on what really matters—in their case, revolutionizing sports technology. With their first product launch approaching and a proven system for managing equity and raising capital, CHIP'd is positioned to score big in the sports tech arena.
The company's five-star satisfaction rating with Cake Equity reflects not just a product that meets expectations, but one that enables startups to operate at the speed of innovation—turning what could be a four-week fundraising process into a four-day success story.
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